$500 billion in crypto managed by CoinStats as it raises $3.2M to enter DeFi
The 1.2 million users of the CoinStats portfolio management app will soon be able to access DeFi yield farming tools directly through the app.
Popular crypto portfolio app, CoinStats, has secured $3.2 million to expand to become a DeFi aggregator. The investment saw Alex Pack’s Hack VC and Mike Dudas’s 6th Man Ventures back the app in its goal to become “the front page of DeFi.” The app has 1.2 million active users who will now be able to join DeFi protocols and directly transfer funds to earn yield rewards. In addition, according to CoinStats, they will curate the platforms to be the most profitable and safe opportunities in DeFi. Narek Gevorgyan, Founder & CEO of CoinStats said,
“With the new funds we will expedite our product development and growth delivering better financial products to our users.”
They tack up to $500 billion worth of assets with at least $20 billion directly synched through Exchange APIs. The CoinStats app allows users to connect crypto wallets to track the value of their assets and review transactions. Users can also track exchange-held tokens and even trade directly from the CoinStats app by utilizing API keys from exchanges. In 2021 they launched a CoinStats crypto wallet as the forerunner to the move into DeFI aggregation. The app can even track crypto held in exchange services such as Binance Earn. All users’ wallets, exchange accounts, and offline portfolios can be viewed in one single location. In addition, users can start managing their portfolios for free with a paid subscription to manage different portfolios and an increased number of transactions.
CoinStats BigBig Spark
Users of the app may have also noticed a popup announcing that they have been “zapped by the BigBig Spark.” It took you to a YouTube video scheduled at 9 AM PDT on April 8th. The chat had people waiting and speculating about the nature of the event since it went live earlier in the week. During the event, the CoinStats team revealed their plans to integrate DeFi directly into the platform and exclusive NFTs available only to CoinStats members. In addition, the platform has been gamified through Sparks, which are awarded to users for completing tasks such as following their social media accounts, depositing funds into their wallets, and referring friends. During the stream, Narek also hinted that Sparks could become a blockchain token in the future, with users being able to pay for CoinStats memberships using the tokens.
In the coming weeks, we are speaking to Narek, the CEO of CoinStats, for a video interview for our EDGE series on founders. The video will be up exclusively for EDGE members and available early in our private EDGE members’ Discord. Watch the BigBig Spark Livestream in full below.